Van ECK Associates Corp Raises Stock Position in Microchip Technology Incorporated (NASDAQ:MCHP)

Van ECK Associates Corp increased its stake in Microchip Technology Incorporated (NASDAQ:MCHP - Free Report) by 25.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 7,961,200 shares of the semiconductor company's stock after acquiring an additional 1,597,263 shares during the period. Microchip Technology comprises approximately 0.7% of Van ECK Associates Corp's portfolio, making the stock its 28th largest position. Van ECK Associates Corp owned about 1.48% of Microchip Technology worth $599,239,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MCHP. Pathway Financial Advisers LLC bought a new stake in Microchip Technology in the first quarter worth $39,000. Versant Capital Management Inc lifted its stake in Microchip Technology by 148.8% in the second quarter. Versant Capital Management Inc now owns 530 shares of the semiconductor company's stock worth $48,000 after purchasing an additional 317 shares during the last quarter. Wolff Wiese Magana LLC lifted its stake in Microchip Technology by 55.2% in the third quarter. Wolff Wiese Magana LLC now owns 613 shares of the semiconductor company's stock worth $49,000 after purchasing an additional 218 shares during the last quarter. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Microchip Technology during the first quarter valued at about $54,000. Finally, TruNorth Capital Management LLC bought a new position in shares of Microchip Technology during the second quarter valued at about $55,000. 91.51% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO James Eric Bjornholt sold 2,154 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $81.50, for a total transaction of $175,551.00. Following the sale, the chief financial officer now owns 33,257 shares in the company, valued at $2,710,445.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.10% of the company's stock.

Microchip Technology Stock Up 2.0 %

MCHP traded up $1.44 during midday trading on Friday, reaching $74.81. The company's stock had a trading volume of 5,472,977 shares, compared to its average volume of 4,820,881. The firm has a market capitalization of $40.14 billion, a price-to-earnings ratio of 29.92 and a beta of 1.53. The company has a current ratio of 1.94, a quick ratio of 1.08 and a debt-to-equity ratio of 0.96. Microchip Technology Incorporated has a 1 year low of $71.76 and a 1 year high of $100.57. The stock's 50-day moving average is $77.40 and its 200-day moving average is $85.32.

Microchip Technology (NASDAQ:MCHP - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The semiconductor company reported $0.53 earnings per share for the quarter, topping analysts' consensus estimates of $0.52 by $0.01. Microchip Technology had a net margin of 20.80% and a return on equity of 28.33%. The business had revenue of $1.24 billion for the quarter, compared to analysts' expectations of $1.24 billion. During the same quarter in the prior year, the company earned $1.56 earnings per share. The business's revenue was down 45.8% compared to the same quarter last year. As a group, research analysts expect that Microchip Technology Incorporated will post 1.73 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on MCHP shares. StockNews.com raised shares of Microchip Technology from a "sell" rating to a "hold" rating in a research note on Thursday, October 17th. Morgan Stanley downgraded shares of Microchip Technology from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $102.00 to $100.00 in a research note on Thursday, July 11th. Mizuho set a $95.00 price objective on shares of Microchip Technology in a research note on Friday, October 18th. B. Riley lowered their price objective on shares of Microchip Technology from $110.00 to $103.00 and set a "buy" rating for the company in a research note on Friday, August 2nd. Finally, Piper Sandler raised shares of Microchip Technology from a "neutral" rating to an "overweight" rating and upped their price objective for the company from $90.00 to $100.00 in a research note on Friday, August 16th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $97.89.

Microchip Technology Profile

Microchip Technology Incorporated engages in the development, manufacture, and sale of smart, connected, and secure embedded control solutions in the Americas, Europe, and Asia. The company offers general purpose 8-bit, 16-bit, and 32-bit mixed-signal microcontrollers; 32-bit embedded mixed-signal microprocessors; and specialized microcontrollers for automotive, industrial, computing, communications, lighting, power supplies, motor control, human machine interface, security, wired connectivity, and wireless connectivity applications.